We reiterate BUY on Delhivery with TP of Rs500. We expect 19% volume CAGR (16% organically) over FY25-28E in the B2C express segment on the back of favorable industry structure bolstered by the consolidation of Ecom Express fortifying Delhivery’s market leadership, as customers (majorly D2C) are likely to stream toward tech-supported pan-India pincode coverage and cost-efficient quality 3PL operators.